Missouri State reached an agreement to expand the Jordan Valley Innovation Center complex in downtown Springfield.
The expansion will involve removing an uninhabited structure along Phelps Street near Boonville Avenue and building a new state-of-the-art three-story, 30,000-square-foot addition in its place.
Missouri State President Clif Smart says the project, estimated close to $15 million, was outlined in a Letter of Intent by The Vecino Group, LLC, who is developing the project.
The MSU board unanimously approved the agreement between the university and The Vecino Group, LLC Thursday.
Reports say that in order to pay for the $14.4 million project, the developer has secured at least $9 million in New Markets Tax Credits and will seek up to $6 million more, while MSU and the Missouri State Foundation is expected to contribute close to $5 million.
General Counsel for Missouri State says in order to satisfy the tax credit requirements, the developer must own the addition for a period of time, so Missouri State will not be able to purchase it immediately.
After the building is complete, the developer will lease it back to the university for a seven-year period.
The News-Leaders reports the JVIC expansion is part of the IDEA Commons initiative by the university, city and Springfield Building Development Corporation to develop an 88-acre section of center city into an urban research park blended with residential, office, industrial, entertainment and industrial land uses.
